Submission for OMB Review: Comment Request, 38663-38666 [E6-10635]
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Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
independent fiduciary or a participant
exercising investment rights pertaining
to his or her individual account under
the plan. Updated versions of the
reports must be provided to the
directing person as subsequently
published. The exemption further
requires the plan to maintain records
concerning investments in a Trust REIT,
subject to appropriate confidentiality
procedures, for a period of six years and
make them available to interested
persons including the Department and
participants and beneficiaries. The
confidentiality procedures must be
designed to protect against the
possibility that an employer may exert
undue influence on participants
regarding share-related transactions, and
the participants and beneficiaries of the
plan must be provided with a statement
describing the confidentiality
procedures in place and the fiduciary
responsible for monitoring these
procedures.
The information collection
requirements of the exemption are
intended to protect the interests of Plan
participants and beneficiaries by
ensuring that Plan participants, Plan
fiduciaries, and employers and
employee organizations with employees
and members covered by a Plan of the
Trust REIT or one of its employer
affiliates are informed about the plan’s
transactions involving Trust REIT shares
and can monitor compliance with the
conditions of the exemption. In
addition, the disclosure requirements
provide fiduciaries with sufficient
information on which to decide whether
to invest in Trust REIT shares and
whether to continue such investments.
The Department and the IRS, as well as
the other specified interested persons,
also can rely on the recordkeeping
requirement to oversee compliance with
the conditions of the exemption.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10633 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
cprice-sewell on PROD1PC66 with NOTICES
June 29, 2006.
The Department of Labor (DOL) has
submitted the following public
information collection request (ICR) to
the Office of Management and Budget
(OMB) for review and approval in
accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104–13,
VerDate Aug<31>2005
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Jkt 208001
44 U.S.C. chapter 35). A copy of this
ICR, with applicable supporting
documentation, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Employment Standards Administration
(ESA), Office of Management and
Budget, Room 10235, Washington, DC
20503, 202–395–7316 (this is not a tollfree number), within 30 days from the
date of this publication in the Federal
Register.
The OMB is particularly interested in
comments which:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
Agency: Employment Standards
Administration.
Type of Review: Extension of
currently approved collection.
Title: Wage Statement.
OMB Number: 1215–0148.
Form Numbers: WH–501 (English)
and WH–501 (Spanish).
Frequency: On occasion and per pay
period.
Type of Response: Recordkeeping;
Reporting; and Third party disclosure.
Affected Public: Farms and Business
or other for-profit.
Number of Respondents: 1,385,864.
Number of Annual Responses:
41,344,000.
Estimated Average Response Time: 1
minute.
Total Annual Burden Hours: 689,067.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: Sections 201(d) and
301(c) of the Migrant and Seasonal
Agricultural Worker Protection Act
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38663
(MSPA) and section 500.80 of
Regulations 29 CFR part 500, Migrant
and Seasonal Agricultural Worker
Protection, require that each farm labor
contractor, agricultural employer, and
agricultural association which employs
any migrant or seasonal worker, make,
keep, and preserve records for three
years for each worker. These records
include the basis on which earnings are
paid, the number of piece work units
earned, if paid on piece work basis, the
number of hours worked, the total pay
period earnings, the specific sums
withheld and the purpose of each sum
withheld, and the net pay. It is also
required that an itemized written
statement of this information be
provided to each worker each pay
period. The WH–501 (English) and WH–
501 (Spanish) are optional forms which
a farm labor contractor, agricultural
employer and agricultural association
can maintain as a record and provide as
a statement of earnings to migrant and
seasonal agricultural workers and users
of such workers listing the method of
payment of wages.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10634 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–27–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
June 29, 2006.
The Department of Labor (DOL) has
submitted the following public
information collection requests (ICR) to
the Office of Management and Budget
(OMB) for review and approval in
accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104–13,
44 U.S.C. chapter 35). A copy of each
ICR, with applicable supporting
documentation, may be obtained by
contacting Darrin King on 202–693–
4129 (this is not a toll-free number) or
e-mail: king.darrin@dol.gov.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for the
Employee Benefits Security
Administration (EBSA), Office of
Management and Budget, Room 10235,
Washington, DC 20503, 202–395–7316
(this is not a toll-free number), within
30 days from the date of this publication
in the Federal Register.
The OMB is particularly interested in
comments which:
• Evaluate whether the proposed
collection of information is necessary
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38664
Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
Agency: Employee Benefits Security
Administration.
Type of Review: Extension of
currently approved collection.
Title: Bank Collective Investment
Funds; Prohibited Transaction Class
Exemption 91–38.
OMB Number: 1210–0082.
Frequency: On occasion.
Type of Response: Recordkeeping.
Affected Public: Business or other forprofit and Not-for-profit institutions.
Number of Respondents: 1,200.
Number of Annual Responses: 1,200.
Estimated Annual Time Per
Respondent: 10 minutes.
Total Burden Hours: 200.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the
Employee Retirement Income Security
Act of 1974 (ERISA) gives the Secretary
of Labor the authority to ‘‘grant a
conditional or unconditional exemption
of any fiduciary or transaction, or class
of fiduciaries or transactions, from all or
part of the restrictions imposed by
sections 406 and 407(a).’’ In order to
grant an exemption under section 408,
the Department must determine that the
exemption is: (1) Administratively
feasible; (2) in the interests of the plan
and its participants and beneficiaries;
and, (3) protective of the rights of the
participants and beneficiaries of such
plan.
Reorganization Plan No. 4 of 1978 (43
FR 47713, October 17, 1978, effective on
December 31, 1978) transferred the
authority of the Secretary of the
Treasury to issue exemptions under
section 4975 of the Code, with certain
enumerated exceptions, to the Secretary
of Labor. As a result, the Secretary of
Labor now possesses authority under
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Jkt 208001
section 4975(c)(2) of the Code as well as
under 408(a) of ERISA to issue
individual and class exemptions from
the prohibited transaction rules of
ERISA and the Code.
Section 406 of ERISA prohibits
certain types of transactions between
plans and related parties (called parties
in interest), such as plan fiduciaries,
sponsoring employers, unions, service
providers and affiliates. In particular,
under section 406, a fiduciary of a plan
may not cause the plan to engage in a
transaction involving plan assets (e.g., a
sale, lease, loan, transfer, or furnishing
of goods or services) with a party in
interest or use the plan’s assets for the
benefit of a party in interest.
Prohibited Transaction Class
Exemption (PTE) 90–1 provides an
exemption from the restrictions of
section 406, in part, for certain
transactions between insurance
company pooled separate accounts and
parties in interest to plans that invest
assets in the pooled separate accounts.
The exemption provides a general
exemption for any transaction between
a party in interest with respect to a plan
and an insurance company pooled
separate account in which the plan has
an interest (or any acquisition or
holding by the pooled separate account
of employer securities or employer real
estate), provided that the party in
interest is not the insurance company
(or an affiliate of the insurance
company) and that the amount of the
plan’s investment in the separate
account does not exceed certain
specified percentages (or that the
separate account is a specialized
account with a policy of investing
substantially all of its assets in shortterm obligations).
The class PTE also provides specific,
additional exemptions for the following
types of transactions with a party in
interest: (1) Furnishing goods to an
insurance company pooled separate
account, (2) leasing of real property of
the pooled separate account, (3)
transactions involving persons who are
parties in interest to a plan merely
because they are service providers or
provide nondiscretionary services to the
plan; (4) the insurance company’s
provision of real property management
services in connection with real
property investments of the pooled
separate account, and (5) furnishing of
services, facilities and goods by a place
of public accommodations owned by the
separate account.
In addition to other specified
conditions, the insurance company
intending to rely on the general
exemption or any of the specific
exemptions must maintain records of
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the transactions to which the exemption
applies for a period of six years and
make the records available on request to
specified interested persons (including
plan fiduciaries, the Department, and
the Internal Revenue Service). This
information collection requirement is
considered necessary in order to ensure
that the exemption meets the standards
of section 408.
This exemption requires
recordkeeping, including disclosure of
records on request to the Department
and other interested persons. The
Department believes that this
information collection protects the
interests of participants and
beneficiaries in plans by enabling
interested persons, including the
Department, to verify that the
conditions of the exemptions have been
met.
Agency: Employee Benefits Security
Administration.
Type of Review: Extension of
currently approved collection.
Title: PTE 90–1; Insurance Company
Pooled Separate Accounts.
OMB Number: 1210–0083.
Frequency: On occasion.
Type of Response: Recordkeeping.
Affected Public: Business or other forprofit and Not-for-profit institutions.
Number of Respondents: 70.
Number of Annual Responses: 70.
Estimated Annual Time Per
Respondent: 1.67 hours.
Total Burden Hours: 120.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the
Employee Retirement Income Security
Act of 1974 (ERISA) gives the Secretary
of Labor the authority to ‘‘grant a
conditional or unconditional exemption
of any fiduciary or transaction, or class
of fiduciaries or transactions, from all or
part of the restrictions imposed by
sections 406 and 407(a).’’ In order to
grant an exemption under section 408,
the Department must determine that the
exemption is: (1) Administratively
feasible; (2) in the interests of the plan
and its participants and beneficiaries;
and, (3) protective of the rights of the
participants and beneficiaries of such
plan. Reorganization Plan No. 4 of 1978
(43 FR 47713, October 17, 1978,
effective on December 31, 1978)
transferred the authority of the Secretary
of the Treasury to issue exemptions
under section 4975 of the Code, with
certain enumerated exceptions, to the
Secretary of Labor. As a result, the
Secretary of Labor now possesses
authority under section 4975(c)(2) of the
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Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
Code as well as under 408(a) of ERISA
to issue individual and class
exemptions from the prohibited
transaction rules of ERISA and the
Code.
Section 406 of ERISA prohibits
certain types of transactions between
plans and related parties (called parties
in interest), such as plan fiduciaries,
sponsoring employers, unions, service
providers and affiliates. In particular,
under section 406, a fiduciary of a plan
may not cause the plan to engage in a
transaction involving plan assets (e.g., a
sale, lease, loan, transfer, or furnishing
of goods or services) with a party in
interest or use the plan’s assets for the
benefit of a party in interest.
Prohibited Transaction Class
Exemption (PTE) 90–1 provides an
exemption from the restrictions of
section 406, in part, for certain
transactions between insurance
company pooled separate accounts and
parties in interest to plans that invest
assets in the pooled separate accounts.
The exemption provides a general
exemption for any transaction between
a party in interest with respect to a plan
and an insurance company pooled
separate account in which the plan has
an interest (or any acquisition or
holding by the pooled separate account
of employer securities or employer real
estate), provided that the party in
interest is not the insurance company
(or an affiliate of the insurance
company) and that the amount of the
plan’s investment in the separate
account does not exceed certain
specified percentages (or that the
separate account is a specialized
account with a policy of investing
substantially all of its assets in shortterm obligations).
The class PTE also provides specific,
additional exemptions for the following
types of transactions with a party in
interest: (1) Furnishing goods to an
insurance company pooled separate
account, (2) leasing of real property of
the pooled separate account, (3)
transactions involving persons who are
parties in interest to a plan merely
because they are service providers or
provide nondiscretionary services to the
plan; (4) the insurance company’s
provision of real property management
services in connection with real
property investments of the pooled
separate account, and (5) furnishing of
services, facilities and goods by a place
of public accommodations owned by the
separate account.
In addition to other specified
conditions, the insurance company
intending to rely on the general
exemption or any of the specific
exemptions must maintain records of
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the transactions to which the exemption
applies for a period of 6 years and make
the records available on request to
specified interested persons (including
plan fiduciaries, the Department, and
the Internal Revenue Service). This
information collection requirement is
considered necessary in order to ensure
that the exemption meets the standards
of section 408.
This exemption requires
recordkeeping, including disclosure of
records on request to the Department
and other interested persons. The
Department believes that this
information collection protects the
interests of participants and
beneficiaries in plans by enabling
interested persons, including the
Department, to verify that the
conditions of the exemptions have been
met.
Agency: Employee Benefits Security
Administration.
Type of Review: Extension of
currently approved collection.
Title: Foreign Exchange Transactions;
Prohibited Transaction Class Exemption
94–20.
OMB Number: 1210–0085.
Frequency: On occasion.
Type of Response: Recordkeeping and
Third party disclosure.
Affected Public: Business or other forprofit and Not-for-profit institutions.
Number of Respondents: 239.
Number of Annual Responses: 1,195.
Estimated Annual Time Per
Respondent: 10 minutes.
Total Burden Hours: 200.
Total Annualized capital/startup
costs: $0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the
Employee Retirement Income Security
Act of 1974 (ERISA) gives the Secretary
of Labor the authority to ‘‘grant a
conditional or unconditional exemption
of any fiduciary or transaction, or class
of fiduciaries or transactions, from all or
part of the restrictions imposed by
sections 406 and 407(a).’’ In order to
grant an exemption under section 408,
the Department must determine that the
exemption is: (1) Administratively
feasible; (2) in the interests of the plan
and its participants and beneficiaries;
and, (3) protective of the rights of the
participants and beneficiaries of such
plan.
Reorganization Plan No. 4 of 1978 (43
FR 47713, October 17, 1978, effective on
December 31, 1978) transferred the
authority of the Secretary of the
Treasury to issue exemptions under
section 4975 of the Code, with certain
enumerated exceptions, to the Secretary
PO 00000
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Sfmt 4703
38665
of Labor. As a result, the Secretary of
Labor now possesses authority under
section 4975(c)(2) of the Code as well as
under 408(a) of ERISA to issue
individual and class exemptions from
the prohibited transaction rules of
ERISA and the Code.
Section 406 of ERISA prohibits
certain types of transactions between
plans and related parties (called parties
in interest), such as plan fiduciaries,
sponsoring employers, unions, service
providers and affiliates. In particular,
under section 406, a fiduciary of a plan
may not cause the plan to engage in a
transaction involving plan assets (e.g., a
sale, purchase, lease, loan, transfer, or
furnishing of goods or services) with a
party in interest or use the plan’s assets
for the benefit of a party in interest.
In 1994, in response to an application
from the American Bankers Association,
the Department adopted a prohibited
transaction class exemption (PTE 94–20)
permitting banks, broker-dealers, and
their affiliates (hereinafter, respondent)
that are parties in interest to a plan to
engage in foreign currency transactions
with the plan, provided the transaction
is directed by a plan fiduciary
independent of the respondent and that
certain other conditions are satisfied. To
protect the interests of participants and
beneficiaries of the employee benefit
plan, the exemption requires, among
other things, that a respondent wishing
to rely on the exemption (1) maintain
written policies and procedures
applicable to trading in foreign
currencies with an employee benefit
plan; (2) provide a written confirmation
of each foreign currency transaction to
the independent plan fiduciary
directing the transaction; and (3)
maintain records of the transactions for
a period of six years and make them
available upon request to specified
interested persons, including plan
fiduciaries, participants and
beneficiaries, and the Department. This
information collection request relates to
the foregoing requirements.
The information collection
requirements include recordkeeping,
third party disclosure, and disclosure to
the Department. These requirements
enable the Department and other
interested persons to monitor
compliance with the conditions of the
exemption. These conditions are
necessary, as required under section
408(a) of ERISA, to ensure that
respondents rely on the exemption only
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Federal Register / Vol. 71, No. 130 / Friday, July 7, 2006 / Notices
in the circumstances protective of plan
participants and beneficiaries.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6–10635 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review:
Comment Request
cprice-sewell on PROD1PC66 with NOTICES
June 29, 2006.
The Department of Labor (DOL) has
submitted the following public
information collection request (ICR) to
the Office of Management and Budget
(OMB) for review and approval in
accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104–13,
44 U.S.C. chapter 35). A copy of this
ICR, with applicable supporting
documentation, may be obtained by
contacting Ira Mills at the Department of
Labor on 202–693–4122 (this is not a
toll-free number) or e-mail:
Mills.Ira@dol.gov. This ICR can also be
accessed online at https://
www.doleta.gov/OMBCN/
OMBControlNumber.cfm.
Comments should be sent to Office of
Information and Regulatory Affairs,
Attn: OMB Desk Officer for ETA, Office
of Management and Budget, Room
10235, Washington, DC 20503, 202–
395–7316 (this is not a toll free number),
within 30 days from the date of this
publication in the Federal Register.
The OMB is particularly interested in
comments which:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
Agency: Employment and Training
Administration (ETA).
Type of Review: New.
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Title: Plan for Evaluation of the Trade
Adjustment Assistance Program.
OMB Number: 1205–0NEW.
Frequency: Other; one time collection.
Affected Public: Individuals or
households; State, Local, or Tribal
Government.
Type of Response: Reporting.
Number of Respondents: 9,490.
Annual Responses: 9,490.
Average Response Time: 95 minutes
for respondents.
Total Annual Burden Hours: 11,962.
Total Annualized Capital/Startup
Costs: 0.
Total Annual Costs (operating/
maintaining systems or purchasing
services): 0.
Description: This data collection plan
is for a six-year evaluation of the Trade
Adjustment Assistance program. The
evaluation is comprised of an impact
analysis using a comparison group
methodology. A process study is also
included to determine what
programmatic and administrative
features may affect performance. Data
collection includes: Baseline and
follow-up surveys of TAA participants
and comparison group members, site
visits to states and local areas, and an
internet/phone survey of local TAA
coordinators.
Ira L. Mills,
Departmental Clearance Officer/Team
Leader.
[FR Doc. E6–10636 Filed 7–6–06; 8:45 am]
BILLING CODE 4510–30–P
DEPARTMENT OF LABOR
Office of the Secretary
Job Corps: Preliminary Finding of No
Significant Impact (FONSI) for the
Proposed Job Corps Center located at
6767 North 60th Street, Milwaukee, WI
Office of the Secretary,
Department of Labor.
ACTION: Preliminary Finding of No
Significant Impact (FONSI) for the
proposed Job Corps Center to be located
at 6767 North 60th Street, Milwaukee,
Wisconsin.
AGENCY:
SUMMARY: Pursuant to the Council on
Environmental Quality Regulations (40
CFR part 1500–08) implementing
procedural provisions of the National
Environmental Policy Act (NEPA), the
Department of Labor, Office of the
Secretary (OSEC) in accordance with 29
CFR 11.11(d), gives notice that an
Environmental Assessment (EA) has
been prepared for a proposed new Job
Corps Center to be located in
Milwaukee, Wisconsin, and that the
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proposed plan for a new Job Corps
Center will have no significant
environmental impact. This Preliminary
Finding of No Significant Impact
(FONSI) will be made available for
public review and comment for a period
of 30 days.
DATES: Comments must be submitted by
August 7, 2006.
ADDRESSES: Any comment(s) are to be
submitted to Michael F. O’Malley,
Office of the Secretary (OSEC),
Department of Labor, 200 Constitution
Avenue, NW., Room N–4460,
Washington, DC 20210, (202) 693–3108
(this is not a toll-free number).
FOR FURTHER INFORMATION CONTACT:
Copies of the EA are available to
interested parties by contacting Michael
F. O’Malley, Architect, Unit Chief of
Facilities, U.S. Department of Labor,
Office of the Secretary (OSEC), 200
Constitution Avenue, NW., Room N–
4460, Washington, DC 20210, (202) 693–
3108 (this is not a toll-free number) or
by visiting the Milwaukee Public
Library, Mill Road Branch, 6431 North
76th Street, Milwaukee, Wisconsin
53223—Viewing Hours: M.–Th. 10:30
a.m.–8:30 p.m. & F.–S. 10 a.m.–5 p.m.
or by visiting the City of Milwaukee
Department of City Development, 809
North Broadway, Milwaukee, Wisconsin
53202—Viewing Hours: M.–F. 8 a.m.–
4:45 p.m.
SUPPLEMENTARY INFORMATION: This EA
summary addresses the proposed
construction of a new Job Corps Center
in Milwaukee, Wisconsin. The site for
the proposed Job Corps Center is a 23acre undeveloped parcel of land owned
by James Cape & Sons Company.
The new center will require
construction of approximately eight new
buildings. The proposed Job Corps
Center will provide housing, training,
and support services for approximately
300 students. The current facility
utilization plan includes new
dormitories, a cafeteria building,
administration offices, recreation
facilities, and classroom facilities.
The construction of the Job Corps
Center on this proposed site would be
a positive asset to the area in terms of
environmental and socioeconomic
improvements, and long-term
productivity. The proposed Job Corps
Center will be a new source of
employment opportunity for people in
the Milwaukee metropolitan area. The
Job Corps program provides basic
education, vocational skills training,
work experience, counseling, health
care and related support services. The
program is designed to graduate
students who are ready to participate in
the local economy.
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]]>Agencies
[Federal Register Volume 71, Number 130 (Friday, July 7, 2006)]
[Notices]
[Pages 38663-38666]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-10635]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review: Comment Request
June 29, 2006.
The Department of Labor (DOL) has submitted the following public
information collection requests (ICR) to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. chapter 35). A copy of
each ICR, with applicable supporting documentation, may be obtained by
contacting Darrin King on 202-693-4129 (this is not a toll-free number)
or e-mail: king.darrin@dol.gov.
Comments should be sent to Office of Information and Regulatory
Affairs, Attn: OMB Desk Officer for the Employee Benefits Security
Administration (EBSA), Office of Management and Budget, Room 10235,
Washington, DC 20503, 202-395-7316 (this is not a toll-free number),
within 30 days from the date of this publication in the Federal
Register.
The OMB is particularly interested in comments which:
Evaluate whether the proposed collection of information is
necessary
[[Page 38664]]
for the proper performance of the functions of the agency, including
whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of currently approved collection.
Title: Bank Collective Investment Funds; Prohibited Transaction
Class Exemption 91-38.
OMB Number: 1210-0082.
Frequency: On occasion.
Type of Response: Recordkeeping.
Affected Public: Business or other for-profit and Not-for-profit
institutions.
Number of Respondents: 1,200.
Number of Annual Responses: 1,200.
Estimated Annual Time Per Respondent: 10 minutes.
Total Burden Hours: 200.
Total Annualized capital/startup costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the Employee Retirement Income
Security Act of 1974 (ERISA) gives the Secretary of Labor the authority
to ``grant a conditional or unconditional exemption of any fiduciary or
transaction, or class of fiduciaries or transactions, from all or part
of the restrictions imposed by sections 406 and 407(a).'' In order to
grant an exemption under section 408, the Department must determine
that the exemption is: (1) Administratively feasible; (2) in the
interests of the plan and its participants and beneficiaries; and, (3)
protective of the rights of the participants and beneficiaries of such
plan.
Reorganization Plan No. 4 of 1978 (43 FR 47713, October 17, 1978,
effective on December 31, 1978) transferred the authority of the
Secretary of the Treasury to issue exemptions under section 4975 of the
Code, with certain enumerated exceptions, to the Secretary of Labor. As
a result, the Secretary of Labor now possesses authority under section
4975(c)(2) of the Code as well as under 408(a) of ERISA to issue
individual and class exemptions from the prohibited transaction rules
of ERISA and the Code.
Section 406 of ERISA prohibits certain types of transactions
between plans and related parties (called parties in interest), such as
plan fiduciaries, sponsoring employers, unions, service providers and
affiliates. In particular, under section 406, a fiduciary of a plan may
not cause the plan to engage in a transaction involving plan assets
(e.g., a sale, lease, loan, transfer, or furnishing of goods or
services) with a party in interest or use the plan's assets for the
benefit of a party in interest.
Prohibited Transaction Class Exemption (PTE) 90-1 provides an
exemption from the restrictions of section 406, in part, for certain
transactions between insurance company pooled separate accounts and
parties in interest to plans that invest assets in the pooled separate
accounts. The exemption provides a general exemption for any
transaction between a party in interest with respect to a plan and an
insurance company pooled separate account in which the plan has an
interest (or any acquisition or holding by the pooled separate account
of employer securities or employer real estate), provided that the
party in interest is not the insurance company (or an affiliate of the
insurance company) and that the amount of the plan's investment in the
separate account does not exceed certain specified percentages (or that
the separate account is a specialized account with a policy of
investing substantially all of its assets in short-term obligations).
The class PTE also provides specific, additional exemptions for the
following types of transactions with a party in interest: (1)
Furnishing goods to an insurance company pooled separate account, (2)
leasing of real property of the pooled separate account, (3)
transactions involving persons who are parties in interest to a plan
merely because they are service providers or provide nondiscretionary
services to the plan; (4) the insurance company's provision of real
property management services in connection with real property
investments of the pooled separate account, and (5) furnishing of
services, facilities and goods by a place of public accommodations
owned by the separate account.
In addition to other specified conditions, the insurance company
intending to rely on the general exemption or any of the specific
exemptions must maintain records of the transactions to which the
exemption applies for a period of six years and make the records
available on request to specified interested persons (including plan
fiduciaries, the Department, and the Internal Revenue Service). This
information collection requirement is considered necessary in order to
ensure that the exemption meets the standards of section 408.
This exemption requires recordkeeping, including disclosure of
records on request to the Department and other interested persons. The
Department believes that this information collection protects the
interests of participants and beneficiaries in plans by enabling
interested persons, including the Department, to verify that the
conditions of the exemptions have been met.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of currently approved collection.
Title: PTE 90-1; Insurance Company Pooled Separate Accounts.
OMB Number: 1210-0083.
Frequency: On occasion.
Type of Response: Recordkeeping.
Affected Public: Business or other for-profit and Not-for-profit
institutions.
Number of Respondents: 70.
Number of Annual Responses: 70.
Estimated Annual Time Per Respondent: 1.67 hours.
Total Burden Hours: 120.
Total Annualized capital/startup costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the Employee Retirement Income
Security Act of 1974 (ERISA) gives the Secretary of Labor the authority
to ``grant a conditional or unconditional exemption of any fiduciary or
transaction, or class of fiduciaries or transactions, from all or part
of the restrictions imposed by sections 406 and 407(a).'' In order to
grant an exemption under section 408, the Department must determine
that the exemption is: (1) Administratively feasible; (2) in the
interests of the plan and its participants and beneficiaries; and, (3)
protective of the rights of the participants and beneficiaries of such
plan. Reorganization Plan No. 4 of 1978 (43 FR 47713, October 17, 1978,
effective on December 31, 1978) transferred the authority of the
Secretary of the Treasury to issue exemptions under section 4975 of the
Code, with certain enumerated exceptions, to the Secretary of Labor. As
a result, the Secretary of Labor now possesses authority under section
4975(c)(2) of the
[[Page 38665]]
Code as well as under 408(a) of ERISA to issue individual and class
exemptions from the prohibited transaction rules of ERISA and the Code.
Section 406 of ERISA prohibits certain types of transactions
between plans and related parties (called parties in interest), such as
plan fiduciaries, sponsoring employers, unions, service providers and
affiliates. In particular, under section 406, a fiduciary of a plan may
not cause the plan to engage in a transaction involving plan assets
(e.g., a sale, lease, loan, transfer, or furnishing of goods or
services) with a party in interest or use the plan's assets for the
benefit of a party in interest.
Prohibited Transaction Class Exemption (PTE) 90-1 provides an
exemption from the restrictions of section 406, in part, for certain
transactions between insurance company pooled separate accounts and
parties in interest to plans that invest assets in the pooled separate
accounts. The exemption provides a general exemption for any
transaction between a party in interest with respect to a plan and an
insurance company pooled separate account in which the plan has an
interest (or any acquisition or holding by the pooled separate account
of employer securities or employer real estate), provided that the
party in interest is not the insurance company (or an affiliate of the
insurance company) and that the amount of the plan's investment in the
separate account does not exceed certain specified percentages (or that
the separate account is a specialized account with a policy of
investing substantially all of its assets in short-term obligations).
The class PTE also provides specific, additional exemptions for the
following types of transactions with a party in interest: (1)
Furnishing goods to an insurance company pooled separate account, (2)
leasing of real property of the pooled separate account, (3)
transactions involving persons who are parties in interest to a plan
merely because they are service providers or provide nondiscretionary
services to the plan; (4) the insurance company's provision of real
property management services in connection with real property
investments of the pooled separate account, and (5) furnishing of
services, facilities and goods by a place of public accommodations
owned by the separate account.
In addition to other specified conditions, the insurance company
intending to rely on the general exemption or any of the specific
exemptions must maintain records of the transactions to which the
exemption applies for a period of 6 years and make the records
available on request to specified interested persons (including plan
fiduciaries, the Department, and the Internal Revenue Service). This
information collection requirement is considered necessary in order to
ensure that the exemption meets the standards of section 408.
This exemption requires recordkeeping, including disclosure of
records on request to the Department and other interested persons. The
Department believes that this information collection protects the
interests of participants and beneficiaries in plans by enabling
interested persons, including the Department, to verify that the
conditions of the exemptions have been met.
Agency: Employee Benefits Security Administration.
Type of Review: Extension of currently approved collection.
Title: Foreign Exchange Transactions; Prohibited Transaction Class
Exemption 94-20.
OMB Number: 1210-0085.
Frequency: On occasion.
Type of Response: Recordkeeping and Third party disclosure.
Affected Public: Business or other for-profit and Not-for-profit
institutions.
Number of Respondents: 239.
Number of Annual Responses: 1,195.
Estimated Annual Time Per Respondent: 10 minutes.
Total Burden Hours: 200.
Total Annualized capital/startup costs: $0.
Total Annual Costs (operating/maintaining systems or purchasing
services): $0.
Description: Section 408(a) of the Employee Retirement Income
Security Act of 1974 (ERISA) gives the Secretary of Labor the authority
to ``grant a conditional or unconditional exemption of any fiduciary or
transaction, or class of fiduciaries or transactions, from all or part
of the restrictions imposed by sections 406 and 407(a).'' In order to
grant an exemption under section 408, the Department must determine
that the exemption is: (1) Administratively feasible; (2) in the
interests of the plan and its participants and beneficiaries; and, (3)
protective of the rights of the participants and beneficiaries of such
plan.
Reorganization Plan No. 4 of 1978 (43 FR 47713, October 17, 1978,
effective on December 31, 1978) transferred the authority of the
Secretary of the Treasury to issue exemptions under section 4975 of the
Code, with certain enumerated exceptions, to the Secretary of Labor. As
a result, the Secretary of Labor now possesses authority under section
4975(c)(2) of the Code as well as under 408(a) of ERISA to issue
individual and class exemptions from the prohibited transaction rules
of ERISA and the Code.
Section 406 of ERISA prohibits certain types of transactions
between plans and related parties (called parties in interest), such as
plan fiduciaries, sponsoring employers, unions, service providers and
affiliates. In particular, under section 406, a fiduciary of a plan may
not cause the plan to engage in a transaction involving plan assets
(e.g., a sale, purchase, lease, loan, transfer, or furnishing of goods
or services) with a party in interest or use the plan's assets for the
benefit of a party in interest.
In 1994, in response to an application from the American Bankers
Association, the Department adopted a prohibited transaction class
exemption (PTE 94-20) permitting banks, broker-dealers, and their
affiliates (hereinafter, respondent) that are parties in interest to a
plan to engage in foreign currency transactions with the plan, provided
the transaction is directed by a plan fiduciary independent of the
respondent and that certain other conditions are satisfied. To protect
the interests of participants and beneficiaries of the employee benefit
plan, the exemption requires, among other things, that a respondent
wishing to rely on the exemption (1) maintain written policies and
procedures applicable to trading in foreign currencies with an employee
benefit plan; (2) provide a written confirmation of each foreign
currency transaction to the independent plan fiduciary directing the
transaction; and (3) maintain records of the transactions for a period
of six years and make them available upon request to specified
interested persons, including plan fiduciaries, participants and
beneficiaries, and the Department. This information collection request
relates to the foregoing requirements.
The information collection requirements include recordkeeping,
third party disclosure, and disclosure to the Department. These
requirements enable the Department and other interested persons to
monitor compliance with the conditions of the exemption. These
conditions are necessary, as required under section 408(a) of ERISA, to
ensure that respondents rely on the exemption only
[[Page 38666]]
in the circumstances protective of plan participants and beneficiaries.
Ira L. Mills,
Departmental Clearance Officer.
[FR Doc. E6-10635 Filed 7-6-06; 8:45 am]
BILLING CODE 4510-29-P
